Silicon Valley Mixed-Use Project Moves Forward

3 min read

Upon completion, the development is set to include 1 million square feet of office space.

Cityline Sunnyvale, a mixed-use master plan in downtown Sunnyvale, Calif., has moved into the final phase of development. STC Venture, a partnership between Hunter Storm, Sares-Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management, have broken ground on two office buildings and a residential tower, part of the project’s third phase. 

The developers received the city’s approval for the upcoming development at the start of last year. The office component, dubbed Cityline Block 3 North, will consist of two seven-story office buildings developed on a former Macy’s parcel at 200 W. Washington Ave. The entire 590,000-square-foot development will include 500,000 square feet of office space and 98,000 square feet of retail and outdoor terrace space. Gensler designed the buildings to achieve LEED Gold and WiredScore Gold certification.

Adjacent to Cityline Block 3, the developers are planning a 12-story residential tower dubbed The Martin. The 479-unit property will include 53 affordable housing apartments and 30,000 square feet of retail. Architecture studio Heller Manus is designing the residential component. The development will also include a park that will serve as the new town square.

The masterplan had been stalling for years before STC Venture took over the project in 2016. At full buildout, the 36-acre development should encompass 1 million square feet of office space, 600,000 square feet of retail and more than 1,000 apartments, according to the project’s website.

Phase 1, consisting of retail and residential space, is completed. AMC Theatres and Whole Foods Market have leased space in the new buildings. Phase 2, which includes 150,000 square feet of office along with residential redevelopment, is currently underway. The project’s latest phase is slated for delivery in the second half of 2024.

In addition to the entertainment and retail options available at Cityline Sunnyvale, residents and office tenants also have easy access to a Caltrain Station, connecting to downtown San Jose, which is approximately 11 miles south.

Sunnyvale attracts big tech names

The Sunnyvale office market is fairing particularly well, thanks to a number of large companies expanding in the city. Just last month, Meta—formerly Facebook—has closed the largest office lease transaction nationwide at a Sunnyvale campus. The tech giant signed a 719,000-square-foot lease agreement with Tishman Speyer for 1398 Crossman Ave. The deal comes just months after the property changed hands for $365 million

Other large deals in the city include LinkedIn‘s lease of Catalyst Phase I, a 15-acre corporate campus at 604 W. Maude Ave. in December. The same month, the tech company paid $122.8 million for Catalyst Phase II, encompassing two office buildings at 810 and 870 W. Maude Ave., according to The Mercury News

You May Also Like

The latest CRE news, delivered every morning.


Most Read

Regions

Like what you're reading? Subscribe for free.